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To: Cynic 2005 who wrote (41927)	5/20/1999 5:33:00 PM
From: Mark Ivan	Read Replies (2) of 86076

Mohan, I hope you did not get hurt too bad here (I seem to remember you were buying Puts on the way up). With the SOX reversal a couple weeks ago, I jumped into the May 70 Calls at 5 1/2. Sold out at 6 1/2 the same day. Now they are worth 18 or so. My gut feel told me to hold them; my better judgement said take the small profit. My motto is "You never go broke making money" Couple this with RMBS buys at 62 and 56 (but sold Calls short on them) and I left a truckload of money on the table. I was going to buy the calls back, but I have a rule to never do that. I enjoy the premium and move on. Now, you still want to know what I think? I think June options still show a healthy PUT bias. Couple this with some 5M shares short (maybe less now) and momentum and I think the answer is very high risk. I was going to buy Puts tommorrow, but am now rethinking. We need this short interest to die away. Then, probably wait for the stock to close way outside its upper Bollinger band and short the next day on a down open. RMBS held up fine in the last hour selloff. I've lost too much money in the past trying to "fight the tape". Mark

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